US Stocks Higher; Kellanova Sales Top Estimates

U.S. stocks traded higher this morning, with the Dow Jones gaining around 90 points on Wednesday

Following the market opening Wednesday, the Dow traded up 0.27% to 34,244.50 while the NASDAQ rose 0.20% to 13,667.28. The S&P 500 also rose, gaining, 0.25% to 4,389.24.

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Leading and Lagging Sectors

Real estate shares jumped by 0.7% on Wednesday.

In trading on Wednesday, utilities shares fell by 1%.

Top Headline

Kellanova K reported better-than-expected sales for its third quarter.

Kellanova posted adjusted earnings of $1.03 per share, beating market estimates of 82 cents per share. The company’s quarterly sales came in $3.94 billion versus expectations of $3.62 billion.

The company said it sees full-year 2023 adjusted sales of $2.72 billion to $2.74 billion.

Equities Trading UP

Heart Test Laboratories, Inc. HSCS shares shot up 118% to $0.3255 after falling over 7% on Tuesday.

Shares of GAN Limited GAN got a boost, shooting 82% to $1.62 as the company agreed to be acquired by Sega Sammy Creation for $1.97 per share in cash.

MSP Recovery, Inc. LIFW shares were also up, gaining 56% to $9.68.

Equities Trading DOWN

DURECT Corporation DRRX shares dropped 75% to $0.6555. Durect's topline results from Phase 2B AHFIRM trial of larsucosterol in alcohol-associated hepatitis did not achieve statistical significance for either dose on the primary endpoint of mortality or transplant at 90 days.

Shares of FTC Solar, Inc. FTCI were down 50% to $0.5952 after the company reported third-quarter earnings. The company disclosed the departure of CEO Sean Hunkler and CFO Phelps Morris from their roles in December 2023.

Establishment Labs Holdings Inc. ESTA was down, falling 43% to $18.60 after the company reported worse-than-expected third-quarter financial results.

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Commodities

In commodity news, oil traded down 0.6% to $76.94 while gold traded down 0.3% at $1,967.30.

Silver traded up 0.9% to $22.785 on Wednesday while copper fell 0.3% to $3.6675.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.6%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index rose 0.8% The German DAX rose 0.8% French CAC 40 rose 1%, while Italy’s FTSE MIB Index rose 0.7%.

Retail sales in the Eurozone fell by 0.3% in September, compared to market estimates of a 0.2% decline, while median consumer expectations for inflation over the next 12 months rose to 4.0% in September.

France’s current account deficit increased to EUR 2.5 billion in September versus a revised EUR 1.1 billion in the prior month, while trade deficit widened to €8.9 billion in September compared to a revised €8.3 billion a month ago. Germany’s consumer price inflation rate eased to 3.8% year-over-year in October from the previous month's level of 4.5%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 0.33%, Hong Kong’s Hang Seng Index declining 0.58% and China’s Shanghai Composite Index falling 0.16%. India’s S&P BSE Sensex, meanwhile, rose around 0.1%.

The index of leading economic indicators in Japan fell to 108.7 in September versus a final level of 109.2, while index of coincident economic indicators rose to 114.7 from a final reading of 114.6 in August. Reserve assets in Japan increased to $1.238 trillion in October versus $1.237 trillion a month ago.

Economics

Mortgage applications in the U.S. increased by 2.5% on the week ending Nov. 3, after falling for three straight weeks.

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